MasterCard says it will boost its quarterly dividend more than 45 percent and approved a plan to buy back up to $3.75 billion of its own stock.

The payment processor says its dividend will increase to 16 cents per share from 11 cents per share. It will be paid Feb. 9 to shareholders of record as of Jan. 9.

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The company says it approved the dividend increase and the $3.75 billion buyback program because of its strong financial performance. It still has about $275 million in stock to purchase from its previously approved $3.5 billion share buyback program.

Shares of MasterCard Inc., based in Purchase, New York, rose 18 cents to $87.64 in afternoon trading.